Top officials at the signing ceremony.
AirCarbon Exchange (ACX), the global exchange revolutionizing the voluntary carbon market, signed a collaboration agreement with the Nairobi International Finance Centre (NIFC) and the Nairobi Securities Exchange (NSE) to develop a Kenya Carbon Exchange during the official launch of the NIFC officiated by Dr. Joseph Kinyua, Head of Public Service, on behalf of . Uhuru Kenyatta, President of the Republic of Kenya.
The NIFC is a flagship initiative under the economic pillar of Kenya’s Vision 2030. NIFC is designed to strengthen the country’s global competitiveness by making it easier and more attractive to invest and conduct financial services, transactions, and related activities. The partnership will establish a carbon ecosystem in Kenya connected to ACX’s international client orderbook, allowing buyers and sellers, international and domestic, to transact efficiently and transparently.
President Uhuru Kenyatta said “The NIFC has been designed as an efficient and predictable business environment to give more confidence to the large pools of global capital that have been watching our progress but have not yet taken the decision to invest. It is designed to attract capital that will be transformative not just to the Kenyan economy but to the broader African economy.”
NIFC Board Chair Vincent Rague announced the centre will prioritize three key themes which include fintech, green finance, and attracting large pools of capital and multinational company headquarters. The NIFC Authority and the NSE have been in discussions with ACX to establish a Kenya carbon exchange and during the launch, signed the collaboration agreement to extend ACX’s global platform into the African continent. This will support the growth of climate finance in Kenya by establishing a locally accessible global marketplace for carbon offsets.
Kevin Iwanaga, President & COO – Middle East/Africa, ACX, said: “We are honoured to be partnering with the NIFC Authority and the NSE to jointly develop Kenya’s first Carbon Exchange. The Exchange will be an important element in Kenya’s sustainable finance ecosystem and will be instrumental in channelling global capital flows into Kenya’s high-impact environmental projects such as Reforestation, Land Restoration and new technologies such as DACS and BECCS. We look forward to collaborating with the NIFC and the NSE in this important and timely endeavour.”
Meanwhile, RELX International, the responsible multinational electronic cigarettes company, has successfully completed in-depth training for officials from the Abu Dhabi Customs Authority and Department of Economic Development (DED).
Prior to this, RELX International held a similar training session for Ras Al Khaimah Customs Authority officials. To boost their effectiveness, RELX International collaborated with leading intellectual property (IP) firm SABA IP.
The elaborate programmes demonstrate the leading vaping brand’s commitment to fighting the illicit trade of e-cigarette (e-cig) products with authorities and government bodies and highlights its dedication to the RELX Pledge, which includes its pioneering Golden Shield Program.
The training covered several aspects including: identifying legal products from illegal ones (smuggled/counterfeit); raising awareness and educating people about the consequences of the illegal trade of e-cigs; sharing research and intelligence on identifying illegal trading activities; collaborating with government officials to track and confiscate counterfeit products, as well as developing and implementing product authentication, tracking and tracing technologies.
Contraband and counterfeit e-cigs are produced in unregulated facilities and pose a serious health risk to legal age consumers and minors . Counterfeit e-cigs have been scientifically proven to be dangerous for several reasons: using inferior e-liquid formula; the e-liquid contains harmful substances; the capsules frequently leak; the capsules are manufactured without a quality certificate, and there’s significant misinformation about the nicotine dosage in the capsules.
“The training sessions for the Abu Dhabi Customs Authority, Department of Economic Development (DED) and Ras Al Khaimah Customs Authority showcase RELX International’s commitment, as a responsible company, to working with local authorities, investigation firms and e-commerce platforms to identify and remove contraband and counterfeit e-cigarette products from the market, as part of the RELX Pledge.
“We are pleased to have been able to complete these focused training sessions, having completed similar sessions for Saudi Customs Authorities in May,” said Robert Naouss, External Affairs Director – MENA & Europe at RELX International.
RELX International established the Golden Shield Program in August 2019 to prevent the production and sale of illicit goods. Since its inauguration, it has had a significant impact, removing over 550,000 fake products from the market, plus over 77,000 websites.